New black money law to address industries concerns: CBDT chief

Posted On: October 14, 2015

Central Board of Direct Taxes (CBDT) chairperson Anita Kapur today said that the new black money law, which is intended to be harsh, will help clear the menace that had not been able to address the problem for many years.

Kapur, who inaugurated the 12th International Tax Conference organized by ASSOCHAM here, said the government is willing to issue its response on industries concerns and queries that have raised procedures to be followed under the new black money law.

“We have been issuing FAQs, on compliance window we issued three sets of responses to the queries raised, we are open to issue responses to what you find problematic in the procedures on the black money,” said Kapur.

“Less than one percent of taxpayers get to see our offices, 99 percent of taxpayers do not need to come to our offices, we accept their returns, we do a non human interface processing of cases, we do issue refunds without human intervention,” she added.

Terming the Base Erosion Profit Shifting (BEPS) project as ‘movement in the right direction,’ Kapur said that the industry should look at the intent and not try to clutter up the system with ingenious and imaginative interpretation of what internationally is a movement to lay down clear rules of where the income will be taxed and how the tax rights will be allocated between different jurisdictions.